
Guyana Economy
Guyana Economy: A summary of information about Guyana Economy, from government research data as well as independent research and other sources.
Guyana: Economy
Economy - overview
Severe drought and political turmoil contributed to Guyana's negative growth of -1.8% for 1998 following six straight years of growth of 5% or better. Growth came back to a positive 1.8% in 1999. Underlying growth factors have included expansion in the key agricultural and mining sectors, a more favorable atmosphere for business initiative, a more realistic exchange rate, a moderate inflation rate, and continued support by international organizations. President JAGDEO, the former finance minister, is taking steps to reform the economy, including drafting an investment code and restructuring the inefficient and unresponsive public sector. Problems include a shortage of skilled labor and an inadequate and poorly maintained transportation system. Also, electricity has been in short supply; the privatization of the sector in August 1999 is expected to improve prospects. The government must persist in efforts to manage its sizable external debt and extend its privatization program.
GDP
purchasing power parity - $1.86 billion (1999 est.)
GDP - real growth rate
1.8% (1999 est.)
GDP - per capita
purchasing power parity - $2,500 (1999 est.)
GDP - composition by sector
agriculture: 34.7% industry: 32.5% services: 32.8% (1998 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
5.5% (1999 est.)
Labor force
245,492 (1992)
Labor force - by occupation
agriculture NA%, industry NA%, services NA%
Unemployment rate
12% (1992 est.)
Budget
revenues: $220.1 million expenditures: $286.4 million, including capital expenditures of $86.6 million (1998)
Industries
bauxite, sugar, rice milling, timber, fishing (shrimp), textiles, gold mining
Industrial production growth rate
7.1% (1997 est.)
Electricity - production
325 million kWh (1998)
Electricity - production by source
fossil fuel: 98.46% hydro: 1.54% nuclear: 0% other: 0% (1998)
Electricity - consumption
302 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
sugar, rice, wheat, vegetable oils; beef, pork, poultry, dairy products; forest and fishery potential not exploited
Exports
$574 million (f.o.b., 1999 est.)
Exports - commodities
sugar, gold, bauxite/alumina, rice, shrimp, molasses, rum, timber
Exports - partners
US 25%, Canada 24%, UK 19%, Netherlands Antilles 11%, Jamaica 5% (1998)
Imports
$620 million (c.i.f., 1999 est.)
Imports - commodities
manufactures, machinery, petroleum, food
Imports - partners
US 28%, Trinidad and Tobago 21%, Netherlands Antilles 14%, UK 7%, Japan 5% (1998)
Debt - external
$1.4 billion (1998)
Economic aid - recipient
$84 million (1995), Heavily Indebted Poor Country Initiative (HIPC) $253 million (1997)
Currency
1 Guyanese dollar (G$) = 100 cents
Exchange rates
Guyanese dollars (G$) per US$1 - 180.4 (December 1999), 178.0 (1999), 150.5 (1998), 142.4 (1997), 140.4 (1996), 142.0 (1995)
Fiscal year
calendar year